The expert oil analysts were forecasting earlier in the year that the oil price would be heading in the opposite direction. No-one was predicting the current slump in oil prices, nor were they predicting that Opec would sit back and allow the supply of oil to remain as high. No matter the reasons, the oil price slide, down to nearly $60 a barrel at the end of November, is good news for consumers and businesses.
However the same analysts are also predicting that the price slide could have serious knock on effects for oil producing economies, and also cause some geo-political instability. They even mention the possibility of an oil price war.
As for the rest of us, we can hopefully enjoy some cheaper energy and fuel bills while the price remains low. As ever we can be sure that this will not be the case for too long!
INFO:An oil barrel (abbreviated as bbl) is a unit of volume whose definition has not been universally standardized. In the United States and Canada, an oil barrel is defined as 42 US gallons, which is about 159 liters or 35 imperial gallons/ Source: wikipedia
